Devoted to how insight is developed, shared and acted on
More Power To Your Elbow
Customer data reinforces the importance of insight If you think that insight has a fairly low profile in your organisation, take heart. The competitive advantage of well-used customer insight has never been stronger – and there’s plenty of evidence to back this up. Sometimes it just needs to be brought to the attention of other people!
Using customer data
We have often quoted Tesco’s success and related it to their ability to understand and serve their customers effectively. And indeed, in Millward Brown’s BrandZ Top 100 Brands ranking in the UK 2008, Tesco was placed second in the list of the UK’s most powerful brands.
But interestingly, all of the other players in the Top 10 – including Vodafone, M&S, Asda, HSBC and Barclays – are owners and expert users of customer data. There are no traditional ‘fmcg’ brands in sight.
You could argue that the Top 10 brands all have direct access to their customers (i.e. they are all retailers), and that their success is due to the value of their retail margin. But we think there’s rather more to it than that.
It’s no coincidence that P&G took a stake in Ocado at the end of last year. Like their investment in Tremor (their online customer panel), it gives them access to valuable customer data that will guide their business decisions.
Boosting the profile of insight
So make sure that from now on, customer insight plays a full and effective role in your organisation:
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It’s up to you to ensure that insight is translated into competitive advantage - and that the customer voice is included in your decision-making.
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This means focusing on the right internal relationships and making sure that you are invited to the table.
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Don’t let insight remain as a back-room function. Raise its profile, and get that consumer voice heard!
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